Commenting on the Indian luxury goods sector a Deloitte India spokesperson said: “India is currently undergoing a rapid digital transformation, whilst battling the challenges of high import duties, introduction of GST and unstable price parity. However, with a positive economic outlook, the demand for luxury goods segment is poised to rise in 2018.”

As per the report, the worlds top 100 largest luxury goods companies generated sales of $217 billion in financial year 2016 and the average luxury goods annual sales for top 100 companies is now $2.2 billion.

“The luxury market has bounced back from economic uncertainty and geopolitical crises in 2016, edging closer to annual sales of $1 trillion at the end of 2017” said Patrizia Arienti, EMEA Region Fashion and Luxury Leader, Deloitte Italy.

Patrizia further said: “Whether total global market growth is in single or double digits will depend on many factors, including larger geopolitical factors and their impact on tourism. Growth in the luxury goods industry will continue, unlike in several other industries.”